Leadership in the global sector and market is a competitive goal for both businesses. Korean Air was established in 1969 with the aim of being a leading global airline, and the Korean national carrier is currently ranked among the world’s top ten airlines. Starting with a fleet of just 11 aircraft in 1969, the business has grown exponentially, and as of August 2017, it operated 160 aircraft flying to 132 destinations, up from just 7 destinations in 1969. (Korean Air, N.p). The corporation has also sustained consistent growth in gross sales, with the airline generating 11,503 Billion, KRW in 2016, up from 4 Billion, KRW in 1969. Korean Air established its reputation as a respectable enterprise in the industry in 1971 when it opened its transpacific route, and later in 1973, it launched its first Seoul-Paris freight route (Korean Air, N.p).
The company’s achievements can be attributed to the vision and creative mindset of the founding chairman, Choong Hoon Cho. Born in 1920, Mr. Hoon Cho who had a sense of duty for the country founded a number of institutions to provide industrial training and higher education as well as a conglomerate of an all-round logistics firm, the Hanji Group. Recognized in his country for his achievements and contribution to the economy, Mr. Hoon Cho was also a civil diplomat. He was awarded the highest Medal of Honor from Korea and held a high reputation from other countries across the world (Korean Air, N.p). His son, Yang Ho Cho, took over as the Chairman and CEO in 1999, when there was a lot of competition in the industry and through his dedicated leadership and creative management strategy he has been widely recognized over the years. Mr. Yang Ho Cho also serves in other organizations and associations as a top leader in various capacities and his achievements have garnered him many titles across the world including the title of “Grand Officier” in France (Korean Air, N.p).
Korean Air is also a founding member of the Sky Team and they aim at expanding their market share in the global airline industry through establishing new routes and constantly increasing their overseas sales. The company diversifies its revenues and generates income from transporting cargo, its catering services as well as in-flight sales. The airline has established itself over the years through continuous innovation and will likely maintain its position as a leader airline into the future.
Korean Air. “Who we are.” Who We Are – Korean Air, www.koreanair.com/global/en/about/who-we-are2.html#_. Accessed 15 Sept. 2017.